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the most to lose than anyone i know but the only way to fix the economy. >> eric: president obama wants tax cuts to expire for everyone except those making under $250,000 a year. john boehner plan "b" making $1 million. this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >>
, the obama tax cuts. then he will be able to reinstate those across-the-board sequestration cuts to gut things like defense, national institutes of health. he will be able to reinstate a lot of programs and give his caucus the opportunity to say, look, i am voting for something and to restore tax cuts for the middle class. i am voting to restore the great things. and the republicans are going to be in a really tough position because no one's going to say, let's vote to restore the tax cuts for the rich. this is his game plan from day one. >> what's the alternate sniff $250,000 and above -- everything we see -- obama is not offering cuts at all. he is lock looking for spending. >> he is managing the message. so it seems like he's being conciliatory. boehner hassen a lot of heat. he has taken a ton of slack on this. he was given a tential hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he is not going to be able to pass anything, any tax cuts. kimberly that, wouldn't pass the senate. let me tell you that. >> allow me to int
to approach this. obama got to go on vacation in hawaii. >> eric: taxes revert to the bush tax cut expire and president obama says republicans look at this. tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ah
in tax revenue on the table. what do i get for that? allegedly we understand president obama came back to him and said, you get nothing. i get that for free. you get nothing. >> there were a couple eye-opening quotes. a "wall street journal" story before christmas that went through the timeline of how this happened between painer and the president -- boehner and the president. boehner put the rough knee on the table and the president saying that's what i get out of the gate. you get nothing for that, which was a surprise to the speaker. he said if we go over the cliff, that the president threatened boehner, he said i will use my inaugural address to blame you for tax increases and for the fiscal cliff going overboard. that brings out pretty big guns when it comes to a president's bully pulpit. if atlantes to use that to play politics, that's significant. >> i have to bring this up. but how did they get to the point where the speaker tried to bring a vote to his caucus to be rejected? how did they not see that coming in why did he bother trying to bring the vote? >> because there's two
the cliff. pass the obama tax cut and reinstate the sequester cuts to things like he likes like the national institute of health and cut the defense budget. put republicans in the corner to say you want to bring a bill to the floor? be my guest. am i right? >> bob: my, you are cynical. keep in mind, they said, boehner said he wants to go to the senate. under the constitution, you cannot start a bill on taxes in the senate. has to come from the house. there is a 48-hour limit because you have to have the house of representatives look at it. i think the deal is cut. they will get legislation and vote on it late monday night. >> andrea: do you think a deal is cut? i talk to people and they say no deal. >> eric: there is no deal. they are saying no deal. president obama coming back to d.c. to fix what he broke in the first place. two solid years to deal with it. this is a gimmick, the flying back from hawaii to do this. nothing going over the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. call them obama cuts and get it going. if you are in congress.
-term that the republicans can win if he gets his way, if he passes the obama tax cuts, if we go off the cliff and the economy does slide into recession. if we do get downgraded because there's not enough spending. in the long-term, the economy will suffer, but republicans may be able to say we tried to stop this, this is obama's deal, now he owns it. >> but they need to do better with communicating that exact message, really, if you look at what's going on here, obama has been persistent and bullheaded saying, it's my way or no way and i think he can wants to go over the cliff to demonize and at the same time bullying the middle class. >> and in the short-term run, that it is inevitable that the democrats will say you guys, you republicans, you put us offer the cliff because you were defending your rich millionaire friends, it's inevitable they will say that and that's a winning political line in the short-run. and over that, however, and you ask where is the leadership from this president, where is it? >> and here, stuart. >> doesn't he agree with you. >> americans with funny accent. let me
to be hammered out shall the threshold for extending the push tax cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather and mike, thank you very much. and president obama trying to light a fire under congressional lawmakers, urging them to come up with a deal after friday's bipartisan white house summit. >> we're now at the last minute. and the the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> kelly: so the question becomes, why can't washington seem to work this out? why has it taken so long when they knew they had this fiscal cliff coming to them? joining me now for a fair and balanced debate on the topic, angela mcglowan is with us, and mark hanna, a strategist and former aide to the john
for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a leader on this. he's not been serious. he's been acting weak and, of course, clinging to his radical ideology. enough is enough. maybe it's time to have the republicans call the president's bluff. let him take the country over the fiscal cliff if he so chews. republicans were elected to get the fiscal house in order. maybe it's time to stand up for your kids, your grandchildren. maybe they should dig in their heels and say they are looking out for the future and future generations. maybe now is is a time to take a principle stand and say they are not going to let washington continue with the out of control spending, the debts and deficit. maybe now at this moment maybe that's the right thing to do. joining me now with reaction to the developing steer are congressman loui gomert and -- go ahead. >> i can totally with him that he cannot imagine our consciouses in the house because you would have to have one to imagine ours, and he's shown repeatedly over three years of no budget? come
of it and the bush tax cuts then become the obama tax cuts and he seems like the guy that is the tax cutter in all of this and this is a strategy, a plan from the very beginning. >> i don't think that is going to happen. i think the key is whether boehner uses the hastert bill which was to never put a bill forward that the majority in the party is not going to vote for. if he will put the hastert rule aside and give republicans a path to vote no that allows the president and the democrats to add their votes where the minority of republicans to pass this thing and i think bill cunningham is right about how this may well play out. i don't think the president want -- the president does not want to go over the cliff. the last thing he needs right now is to -- is to risk going into a second recession. the first one he can blame on push and democrats and i'm there with him. the second one will be his and on his watch. >> sean: there has been a bill in the united states senate that extends the bush tax cuts for everybody and he could at least -- they can temporarily pass that. it has been law since 2001
this is they know if they hold this pass january 1 the first bill the democrats will introduce are the obama tax cuts in which he proposes to relower the rate on everybody. >> chris: but you if they don't do anything the taxes go up for everybody. >> and the president proposes relowerring them back to rates for are everybody under 250 and republicans don't want to be in a bulldogs o position of stopp. >> chris: why were they unable to do anything about stopping real problem?lem fo if you take the amount raised. $600 billion increase in revenue to the government over the next ten years. $600 billion in terms of a deficit of $16 trillion going up by another 2.5, $3 trillion in the next ten years is peanuts. >> you heard lindsey graham talk about entitlement reform and that is what republicans want to press and a debt ceiling issue. if you look at sentiment among democrats especially further to the left since the election their feeling has been president obama won and we will not take this out of seniors and we will not take this out of medicare or social security. no cuts in those things. that pos
that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goe
prepare for that. they would do things. because nobody knows what will happen, obama care taxes are kicking in next year, unavoidable. a whole host of other taxes are i can cking in that are unavoidable. to plan for even something worse is difficult right now when you really don't know what other taxes are coming. that's the real problem. we don't know what else is in store. the other thing is, one of the other problems with the president is his economic literacy has never been very high. i think that scares -- >> what do you mean by that, his economic literacy? i mean i think i know, but i just want to -- >> lits -- listen, the president is a smart man. he wept to some good colleges, but when it comes to the economy, listen. much makes no sense. i'm talking democrat, republican, he says stuff -- this is just based on what he says, what he says affects prices. what he says about the need to raise taxes on the upper income like that will be good for the economy. that will not be good for the economy. if you are making 250 and you are a small business you are employing people and
of the taxes go up, lawyer, a as you know, on january 2. >> is it that bad for president obama if we go over the cliff, oh, throw the nation into recession and lose all these jobs but he views everything through a political lens does he not? >> he does. >> laura: i think they made the calculation this won't hurt them one bit and they have gotten the peg on the tea he party and boehner or something. >> the president has said that by the way of the negotiations and john boehner made the statement the other day that the president says look unless you give it my way i will bash you in the inauguration speech. but i want to ask a question to you. i mean why can't we simply we are at the edge of this cliff. every economist agrees that will do serious harm to the economy if we don't get an agreement. why doesn't the president agree to a six month extension on the current tax rates and work this out next year and what is so hard about that? let's put the economy over politics here. >> because the whole fiscal cliff which is a manufactured cliff essentially by both houses of congress happened because
essentially rewrite legislation. changing the tax congress passed to declare obama care constitutional which is a littleec scary that the highest justice is -- justices in the land would take the activist roll. that's what is scary. the backdrop of the presidential year was europe. we know where this path leads. all this turmoil, the huge welfare and the low productivity and high unemployment that comes along with them, that was the backdrop of the presidential campaign. voters voted, and they said, yes, we are going to keep moving in that direction, kim. where do you think the electorat is here? is it be ibd hue the choices that -- is it behind the choices that jason suggested they might be? >> barack obamaus won this election by very effectively making this a referendum about his opponent, mitt romney. if you went out and asked most americans, do you think barack obama did a great job in his first term? do you want significantly higher taxes? do you want the government to do nothing about spending? are you happy with obama care? most would say no. but in the end the choice was between a pr
. >> and if the bush tax cuts expire and president obama says, hey, republicans, look at this, tax cuts for everyone making under 250, can republicans say no to a tax cut in 2015? >> it will be tough but not tougher than the pr battles he's fighting right now. i think he wants that scenario. i think obama thinks going off the click is a win for him. he can say i am bringing in revenue, i am lowering the deficit. and he can still blame the gop when their tacks go up. i don't think the grass pollen had the ball in this fight. i don't think they gave it up, i don't think they ever had it. it's tough for them to win against a white house like this and a white house press core that's not going to report anything negative against the president. >> there's a ball and the ball is the debt ceiling. all these things, i will get to craig, but have to go through the house. the money negotiations have to go through the house. if the house says no on raising the debt ceiling, they can create a lot of havoc. go ahead, greg. >> you know what? i don't care anymore. >> oh, okay. >> because as a human being in this di
the constitutionality of the affordable care. >> it shouldn't be obamacare but obama healthcare tax. >> too broad of federal power. >> you left out of that rant "just like greece." >> the first time for attorney general to be held in contempt. >> this is issa with a political move. >> this will be a witch hunt. if you get more it's an intervention. >> the water just now breaching over the sand dunes. >> hurricane sandy, superstorm that meteorologists call a once in a lifetime occurrence. >> the whole coast has been devastated. >> the number of ambulances for people who showed up to move the children is remarkable. >> the loss is emotional and memories. loss comes in many forms. ♪ ♪ notice ♪ ♪ ♪ ♪ >> greg: andrew breitbart died this morning at 43. publisher, activist and commentator. but that says nothing about this force of nature. he was a big kid who treated his opponents like humans. never about people. it was always about principles. >> the u.s. has just evacuated all personnel from benghazi to tripoli. >> this was a concerted effort, well organized. heavily armed. >> the american
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
-cuttingest democrat in the history of the republic. and the bush tax rates will be replaced by the obama tax rates. so he knows he's in a better position than they are. the question is as the clock ticks down and markets become anxious and capital becomes scarce and people are worried about what's going to happen out there, that the president has to think as much as he'd be better off then -- and, certainly, senator barrasso makes a good point about that -- the president's going to have some gut-check moments while he's out on the golf course and looking at the blue pacific, he's going to have to think can his second-term presidency really begin in the midst of a recession, and is he going to be okay with that? gregg: all right, so the clock is ticking, but there's another clock we're keeping a close eye on. i mean, we're talking about the debt clock. look at that, $16.3 trillion and growing second by second. and the president instead of focusing on cuts, he actually demanded even more spending, new stimulus, additional spending. maybe he doesn't think that $16 trillion is a real problem even though y
direction with respect to tax. president obama has shown no leadership on this. what they really need to do is minimize the damage from what president obama is trying to push for the higher tax cuts because they're going to need public opinion on their side in the new year to really make entitlement reform because at the end of the day, we're ohm talk being tax. we know $16 trillion in debt. the real problem right now is entitlement spending because at 62 to 65% of the federal budget. we've got this problem ballooning by the hour w. got to do something about it. right now i think house republicans are going to have to take it on the chin and get the deal because we need public opinion on our side. >> heather: alexis, will they get it done? >> i hope so. i think the lack of leadership has been on the house side. speaker boehner couldn't even get his own bill passed. so he's been fumbling the ball. i think what the president is doing with the up or down vote is trying to bring oversight to the american people in the spirit of the holidays, he's trying to let the american people decide who has
that will be done by the tax increase that is coming. >> chris: you would go for the stripped down obama plan? >> i would go for what the speaker tried to do late last week and try to get the number up from $250,000. yes, there is going to be a tax increase on the wealthy. i would try to protect investments as much as possible. do the amt patch. have a reasonable deal on estate taxes. i'm a squish on this. got to make the best of a bad situation. i think what will happen incidentally is republicans will be faced on monday, on december 31 with having to vote on a much worse proposal than the one they didn't give speaker boehner the majority for. >> chris: the plan b. >> harry reid will pass through the senate on thursday or friday a tax hike on everyone over $250,000 and republicans will have the joyc choice on m, letting it come to a vote. i think the speaker probably has to. b, will they lose 20 or 30 republicans to join the democrats to pass this or not. i think it is a worse outcome but that is what happens when republicans decided they would just be ob cit obstinate and no along with the speake
i know. so now they squabble the tax hikes but now is time for president obama to be talking about raises in washington. who is going to get a bump in pay. new reports that secretary of state hillary clinton is returning after three weeks from recovering from a virus. now she is set to testify on the terror attack in libya that left four americans dead. the question that she will face when she goes to the hill. we'll talk about it. [ malennouncer ] it's tt time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have
. >> for decades. >> president obama has presided over the lowest tax rate in mod hern history and decades. we're trying to role back taxes for people making over $250,000 a year. what john boehner is doing by letting us go off the fiscal cliff is raising every american's income taxes in about a week by not negotiating with the white house. he -- he's in a awkward position, he can't even get his own party to back his own republican proposals, so what we're seeing is congressmen and congress women are on vacation, senate is in session, the white house is there. everybody's working except congress. >> you know and i know congress is coming back sunday. michelle, talk about this. mark says it's not a revenue problem. it is a revenue problem, it's not a spending problem. what do you see? >> z we're not on the verge of fiscal cliff, we have already gone over the of fiscal cliff. look at our problem with spending, how bloated our government is. we're $16 trillion in debt. something needs to be done. this year we're going to spend $165 billion more than we receive in social security. $3 we're going t
of our republican senators made up a pro pose yl to raise taxes and two senate democrats reported to have said wow. this is a break through. we can get a deal now. we'll be able to work this they go talk to president obama and hairy reid, come back to say, sorry we're not atloud work the deal. they didn't want to deal then. they don't want a deal now. it worked out well for them not to allow a deal last time. they blamed us last year. them and it worked and got go over the cliff? blame republicans. not let the senate pass anything. we get away with it, again. >> allmúwu right. here is the quandry l dilemma. congressman> i think it does. the house acted.
every single american is going to get hit with five new taxes to pay for obama care. here are a few examples of them. small business owners will see individual tax incomes. medicare payroll tax and for the first time ever the government is capping how much money you can put in your flexible spending account. there's still time to save money on your taxes. we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the state income taxes that may be due next april 159 you have a large capitol gains maybe you sold something you can do that. one of the things you have to keep in mind in doing all of this you have to figure out the alternative minimum tax. there are two systems of taxation. th
against it it is a important policy work. it is probably a bad idea. we don't need new tax. the mileage tax could hurt fuel efficient car it is the and questions of heavy congestion times and it is unworkable idea and why the obama administration distanced it. >> we have a trust fund in 2013 and that is to go to the roads. it will be negative and needs a fuel tax to fund it again. >> it is not too long. it will go negative in 2015. the gas tax is raised continuously since it was enacted in the 1950s. they are paying 64 cents a gallon in taxings. why is that the only proposal. it why not freedom. there is it public assets in every country but here at home. la guardia. terrible airport owned by the government. new mexico and new zealand. airports are tradod the stock exchange and helps the government and services as well. >> carroll. i tell you, i use the roads in the country and i go skidding on twos to school and i am part of the reason there is it pot holes it makes sense to charge me more. >> i think that is a linier solution to a complex problem. if you have a suv . i am with johnath
obama breathing room to hold out for the taxes on high earners. so be it it will be worse for conditions. >> i don't think either side wants this to happen. president obama doesn't want to give an inaugural address . conscience don't want to go over the cliff either. you want to start out in a new congress and in the new year on a right foot with a bipartisan agreement. we'll have a smaller deal hopefully before new years. >> i want to play a sound by the from charles krauthammer and get your take on this. listen to charles. >> it is clear from the beginning he had no intention to solve the fiscal issues. he's been using this and i must say with great skill and ruthless skill and success to fracture and basically shatter the republican opposition. the only redoubt of the opposition is the house . his objective from the very grinning was to break the will of the republican house and to create an internal civil war and he's done that. >> talking about president obama trying to create an internal civil war. you think it is a grand strategy. >> i don't think president obama will do anything.
november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package that guarantees if they get a short-term deal here, we have major budget battles coming. >> the key to any good negotiation each side has to give up something. near and dear to their heart. what is it, as succinctly as you imagine, both sides have given up? >> both sides say the president started on threshold of tax cut of $250,000. negotiations with boehner he moved to $400,000. not if you have for boehner. he wanted it to be $1 million or more. that is something that can beer worked on. spending cuts the republicans wan
obama campaigned campn capping it at $250,000, raising taxes on those who earn more than $250k, but some of the discussion and it is buzz around capitol hill has been about perhaps going to the $400,000 mark. the question is, will you get enough republicans to buy in if that is the deal? shannon? >> thanks to mike on capitol hill. we will continue to check in. now to ed henry, continuing our live team coverage from the white house. good afternoon, ed. >> reporter: good to see you, this is the president going out and trying to frame this debate on his own terms, appearing on a sunday talk show for the first time since 2009, when he was pushing health care reform, now, obviously trying to sell a fiscal cliff deerl deal. he went on nbc's "meet the press," again and again, he hammered the message, trying to put the blame on republicans for the fact we are up against this tight deadline. the president made clear that if republicans in the next 48 hours do not come up with a counter proposal to get us through this crisis, he wants an up-or-down vote on his short-term plan to extend unemploymen
. dre move his business dealings over to ireland? because of their low corporate tax rate. big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their interest to let tax increases go into effect. that way they won't be viewed as having raised taxes. they can come in and easier to negotiate with them. what the president, what we are hearing about what the president is proposing though, is a small deal to get them through the fiscal cliff so that it avoids some of the implications, some of the more damaging implications for the economy. i don't think the fiscal cliff honestly is really going to have a huge impact. our housing market and labor market remained fi
't think any sensible person would like the obamacare bill. but tax increases are a fact of life. that's the story, tax increases under mr. bush and surpluses under mr. clinton tax increases as far as the eye can see under mr. obama. >> when do the spending cuts happen, sarah? >> never. >> and you often see the tax increases kick in and in the health care law, and spending never gets cut. >> i think you need to look where the spending goes, provide preventive care. and we saw 80 million access preventative care and that's a net savings for the entire health care system passed on to all of us. >> how have job cuts we've seen the medical device makers, they're sounded the horn about them. how does it help the broad economy though? >> what you're seeing is readjusting of the economy. most of this tax money comes out of those making 250,000 or mo more, an increase on those individuals. at the same time that we're finding out here on capitol hill about a decrease on those making 250 or less, so, majority of americans. when we have this increase on a very small portion, we see that those fol
to get a deal for weeks and says the real problem that republicans won't admit that obama won the election. >> on taxes, i know it's hard for republicans but the president ran on the platform. 250. no tax increase for people below but taxes for people above. he won. 60% of voters said they were for it in exit polls including republicans. >> wake of house speaker john boehner's plan "b" failure, all eyes turn to senate leaders harry reid and mitch mcconnell and whether they work out something short of $4 trillion grand bargain. last-minute stop gap. attending tax cut for people making $250,000 or less. and unemployment benefits for 2 million people who will lose the benefits a week after christmas. >> it is going to be a patch. because in four days we can't solve everything. >> yet, other republicans note the president short-term fix raises some taxes, yet punt spending cuts until next year. >> i would vote for revenue, including the tax rate hike though i don't like them to get, to save the country from becoming greece. i'm not going to set aside the $1.2 trillion in cuts. >>
and uncomfortable position of thinking that joe biden is the grownup in the white house. you got a sense from obama he is the sab tier in his own -- saboteur in his own white house. when he said how the republicans have agreed to raising taxes, that was in effect rhetorical poison pill to house republicans. the house republicans want to do is tomorrow when the taxes go all up, that the bush tax cut expire they say that they are voting to cut taxes. they are spinning this to raise taxes. i don't think the republicans should allow themselves to be baited by obama. >> bret: the or thing is talk about the sequester. you will remember of course in debate, in october. the president said this. about the sequester. >> first of all, is sequester is not something that i propose. something that congress is proposed. he will not happen. >> bret: part of the solution for the super committee. that was part of the deal. negotiating now is delay it by a couple of months. which potentially negotiate on fiscal cliff number two, the debt ceiling battle. and throw in dealing with the sequester as well. we're waiting t
to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about that? >> we will get fundamental tax reform i believe as a part of the debt ceiling debate. going over the cliff means that our economy goes in the tank. we've got a very small recovery going on here. it would destroy the recovery, and jon's son is a first lieutenant, going over the cliff means that we start to dismantle the best and finest military in the history of the world at the time we need it the most. so that is unacceptable, that means i've got to vote for something i don't like, raising rates is something i don't like. i think it's a bad idea. but it's going to happen because barack obama insists that it happen. but let me tell you this. he had the courage of his convictions to raise tax rates, i'm going to have the courage of my convictions not to raise the debt ceiling until we reform our nation and stop becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everyt
no deal. also, it could have been worse that is what we are hearing. dividends taxed at 23 percent with obama's health care rather than 43 percent, that is a sigh of relief. especially older people with fix the investment living east dividends. the big question to wall street is the debt ceiling. they are negotiating three month pause or one year pause. can you imagine how much deficit spending we can get in a year without a cap? >> i am thinking the stock market is because we have hours before the i ball drops, the calm before the storm and watch out wednesday. what do you think in. >> well, watch out wednesday, that is the point. if you look at market the last two weeks, people have been selling ahead of the deal so it is a sell the news type of issue. charles hit the point on the head. this is not a tax issue whether it is $450,000 or $500,000 or $1 million. it is the spending issue. the democrats want to raise the debt ceiling and do not want spending cuts cuts and no sequestration. >> what will happen on wednesday? >> again, i want to caution the stock market will not be the b
at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers ar
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